Bitcoin Could Plummet 30% Before Upward Trends Starts, Analyst

Name	Symbol	Market	Market Cap ($)	Algorithm
Quant	QNTUSD	Crypto	1,404,240,209	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Quant

QNTUSD

Crypto

1,404,240,209

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.050	-0.05%	96.55	96.52	96.59

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.050

-0.05%

96.55

96.52

96.59

High Price	Low Price	Open Price	Prev. Close	52 Week Range
97.61	95.39	96.69	96.60	83.10 - 153.83

High Price

Low Price

Open Price

Prev. Close

52 Week Range

97.61

95.39

96.69

96.60

83.10 - 153.83

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	06:14:13	1.07	96.55	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

06:14:13

1.07

96.55

USD

Price x Volume	Volume	Base Symbol	Related Pairs
418,446.76	4,319.80	QNT	QNTEUR	QNTGBP	QNTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

418,446.76

4,319.80

Bitcoin Could Plummet 30% Before Upward Trends Starts, Analyst

15/09/2022 10:49pm

NEWSBTC

The crypto market has recorded massive losses since May 2022. After the Federal Reserve announced and kicked off interest rate hikes, prices tanked due to selling pressure. Many crypto investors and operators of diverse solutions have faced different crises from market moves. But it seems the end is not near yet. Even as the Merge date has finally come, analysts predict a price plunge for Bitcoin. Going by past market moves, a fall in BTC price causes altcoins to plummet and vice versa. So, this analysis is not what investors expect. Related Reading: Binance Coin Struggles Below $290 Resistance, Where Would Price Go? CAPO Discloses Bitcoin Bottom The popular crypto analysts going by the pseudonym Capo with 517,100 followers have predicted that BTC might plunge between $16K to $14K before rebounding. Capo believes that this price, indicating a 21% and 31% price reduction, will be its main downside target if the key support level falls. Other pointers from Capo show a possible BTC bounce to $23K from its current price of around$20K price level. Capo stated that this price might lead to Bitcoin bottoming out to the predicted price levels. Also, the analysts pointed out that BTC’s current pivot is $21K. If it makes a clean break below that level, it will fall to $19K. A break below $19K will push the coin to its target of $14K to $16K, the last lowest point. For now, the BTC price might rise to $23K, but Capo advised Twitter followers not to be bullish. Capo analyzed BTC’s recent price of $20,122.54 from its highest point in August. The result shows a 10% loss, leading to the next prediction that Bitcoin might target a resistance level between $22.5K and $23K. The resistance zone, as indicated above, could lead to a lower high or a quick swing to $23K. By that, Capo sees an opportunity to go short since the movement will still be bearish. Recent Events Could Push Capo Predictions Forward Recent news on Bitcoin states miners are moving their BTC holdings to spot exchanges. Data shows that miners moved 10.4537 BTC hourly as of September 14. Such massive moves were recorded between July and August 2022 before BTC fell. CryptoQuant analysts predict that the current move will lead to price volatility beyond what the market has recorded. The transfer of BTC holdings to spot exchanges usually indicate a willingness to sell. As a result, supply will exceed demand, causing a price plunge. The analysts linked the miners’ action to the Merge today, September 15. Related Reading: Will Tron Tie-Up With Liquidity Provider Wintermute Boost TRX Price? Many analysts had predicted a turbulent post-merge market. So, it’s likely that Bitcoin miners are preparing for such situations. Featured image from Pixabay and chart from TradingView.com

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